Securities Lawyers Blog
The securities lawyers of Gana Weinstein LLP are investigating a customer complaints filed with The Financial Industry Regulatory Authority (FINRA) against broker Bassam Salem (Salem). According to BrokerCheck records Salem has been subject to at least two customer complaints. The customer complaints against Salem allege securities law violations that including unsuitable investments, unauthorized trading, and breach of fiduciary duty among other claims. The most recent claim involves allegations over oil and gas investments and UITs and was filed in May 2016 seeking $281,000 in damages.
Brokers have a responsibility treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.
Salem entered the securities industry in 1986. From 1992 through January 2011 Salem was registered with UBS Financial Services, Inc. Finally, from January 2011 until August 2016 Salem was associated with Wunderlich Securities, Inc. out of the firm’s Birmingham, Michigan office location.